Moody's downgrades Yuksel

Moody's Investors Service said it downgraded the corporate family rating for Yuksel Insaat AS and the rating for the $200 million notes due 2015 to Caa2 from Caa1 and the probability of default rating to Caa2-PD from Caa1-PD.

The outlook is negative.

Moody's said the downgrade of the probability of default rating to Caa2-PD reflects the higher default risk and associated uncertainty given the ongoing and protracted negotiations with the noteholders' committee and the increase in debt.

The uncertainty over the future capital structure of the group and the position of noteholders in the capital structure has prompted Moody's to downgrade the corporate family rating to Caa2.

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